Questions and Answers
Which term refers to the action of testing an idea prior to launch to reflect customer feedback?
Validation
What do we call financing provided to start-ups and small businesses believed to have long-term growth potential?
Venture Capital
Which term describes costs that vary based on a business's level of sales?
Variable Costs
What does it mean if a business idea is described as 'viable'?
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Where can one find a visually recorded version of an elevator pitch typically for online distribution?
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What do KPIs stand for in business?
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What is the purpose of a landing page?
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What does Launch refer to in a business context?
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What is a Creative Spark Big Idea Challenge?
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What is the role of Key Messages in business?
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How does a business typically use KPIs?
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What is the definition of 'Gold Dust' as used in the text?
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What does 'Idea Generation' involve?
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What does Intellectual Property (IP) typically refer to?
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What is the main focus of Girls Hackathon as mentioned in the text?
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How would you define 'Innovate' based on the text?
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What is the meaning of 'Gross Profit' as defined in the content?
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Study Notes
Entrepreneurial Glossary
- Validation: testing an idea before launch to incorporate customer feedback into business development
- Values: principles and beliefs guiding business operations and decision-making
- Variable Costs: costs that vary in line with sales levels
Financing and Investment
- Venture Capital: financing provided to start-ups and small businesses with long-term growth potential
- Gross Profit: total income from sales minus direct costs of making sales (excluding overhead/running costs)
Business Strategy and Planning
- Vision: a business' long-term goal
- Mission Statement: a sentence describing a business' long-term aims
- Objectives: specific things a business wants to achieve
- Key Messages: essential information a business wants customers to remember
- KPI (Key Performance Indicators): set of measures to evaluate business success
Marketing and Sales
- Landing Page: a simple webpage leading visitors to a website, often linked to paid advertisements
- Launch: introducing a new product or service to the market
- Margin: difference between selling price and cost (higher margin means more profit)
- Market Positioning: presenting products/services in relation to competitors (e.g., higher quality or cheaper)
- Marketing: activities to contact potential customers
- Niche: a specific segment of customers targeted for a product/service
Operations and Management
- Lean: creating more value for customers with fewer resources
- Networking: developing and maintaining connections that could benefit the business
- Hire: giving someone a job or renting equipment
- Hot Desk: rotating desk space when needed, rather than having a personal desk
Innovation and Ideas
- Idea: a new concept for a product or service
- Idea Generation: generating, developing, and communicating new business ideas
- Innovation: developing new ideas or better solutions to meet new requirements
- Intellectual Property (IP): creations of the mind used in buying and selling (e.g., inventions, creative work, names, and images)
- Hackathon: an event where individuals come together to creatively solve problems
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